Which government agency oversees licensed independent escrow companies?
The Department of Corporations 320 W. 4th St. Los Angeles, CA 90013-1105 Tel. (213) 576-1500 www.corp.ca.gov Q: What other kinds of Escrow Holder entities are there? Besides Independent Escrow Companies, there are : • Title Insurance owned Escrow Departments – governed by the Department of Insurance • Real Estate Broker/Mortgage Broker owned Escrow Departments – governed by the Department of Real Estate • Bank owned Escrow Department – governed by the agency overseeing that specific State or Federally chartered Bank Q: Is there an “Escrow Law” section and where can it be found? Independent Escrow Companies operate pursuant to the State of California’s: • Division 6 of the Financial Code • Title 10 of the California Administrative Code • Division 6 of the Uniform Commercial Code (Bulk Sales) • Division 9 of the Business and Professions Code (Bulk Sales ABC License transfers) Q: Do Escrow Officers need their own license? No, not as an individual. They work for an entity which does need a
